Century Q1 profit up 10%

Rеal еstatе developer Century Properties Group, Inc. posted a 10 percent improvement in net income to P501 million in the first quarter of 2013 from P454 million in the same period last year.

In a statement, the firm said its total revenues reached P2.6 billion in the first quarter of 2013, representing a 5 percent increase over the first quarter 2012 revenues of P2.5 billion.

Gross margin in the first quarter of 2013 was at 44 percent from 42 percent last year while operating margins increased to 19 percent from 17 percent.

CPG also registered residential pre-sales amounting to P5.8 billion in the first three months of the year, representing a growth of 10 percent over the P5.3 billion reported in the first quarter of 2012.

“Century Properties achieved reasonably strong results in the first quarter of the year. The continued momentum of our pre-sales is testament to the strength of our brand, and our company’s capability to deliver as proven by our current projects that are currently in various stages of completion,” said CPG chief financial officer Carlo Antonio.

Antonio added that “we have kept up with the industry’s continued upward mobility and will continue to do so by committing to deliver quality projects in the affordable, mid-end, and luxury segments.”

After successfully turning over the Gramercy Residences, Century is scheduled to complete the Knightsbridge Residences; the first three towers and the Paris Beach Club of the Azure Urban Resort Residences; and the Century City Mall at the end of this year.